Major Oil Pipeline explodes in Saudi Arabia

March 1, 2012 - Oil surged previously mentioned $one hundred ten a barrel in immediately after-several hours buying and selling Thursday on a disputed report by an Iranian media outlet that an explosion occurred somewhere on a Saudi Arabian pipeline.

Saudi officers issued a statement around 4 p.m. EST declaring the report was untrue, and oil costs have since slipped.

Immediately after settling for the day up $1.77, or 1.7%, at $108.eighty four on the New York Mercantile Trade, the commodity jumped as substantial as $110.55 after Dow Jones reported the Iranian account. Brent crude futures in Europe strike a three year large, topping $128 a barrel.

The report arrived from the internet site of Press Television, a 24-hour news channel owned by Iran's government.

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